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Re: Insurance for your vintage MOPAR?
[Re: not_a_charger]
#3139027
04/18/23 03:15 PM
04/18/23 03:15 PM
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Joined: Jan 2003
Posts: 25,777
Rio Linda, CA
John_Kunkel
Too Many Posts
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Too Many Posts
Joined: Jan 2003
Posts: 25,777
Rio Linda, CA
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The differences you will encounter are with rates, and with activities excluded from coverage That's a big issue, some insurers forbid "pleasure driving" i.e. all driving must be to car-related events, etc.
The INTERNET, the MISinformation superhighway
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Re: Insurance for your vintage MOPAR?
[Re: Kidsixpack]
#3139186
04/19/23 05:59 AM
04/19/23 05:59 AM
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Joined: Dec 2003
Posts: 5,647
Port Huron, Michigan
MI_Custumz
master
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master
Joined: Dec 2003
Posts: 5,647
Port Huron, Michigan
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I had Hagerty for 20 years and I really did love them. Had a claim once that went flawlessly! A few years back I decided to check prices and found them to be at the high end of collector car insurance. I don't mind paying a bit more for good service, but I saved $600 annually for six cars by switching to Grundy. $50 or $100 I wouldn't have bothered. I verified coverage in line with Hagerty and the limitations. Nothing I can't live with. I called Hagerty before switching and they wouldn't budge. Other than providing pics of the vehicles it was simple. So far adding and subtracting cars has been simple too. I've not had a claim, but I know people that have had them with no issues. Grundy will insure daily drivers although I've not checked pricing.
KID Do both have pleasure driving as being ok?
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Re: Insurance for your vintage MOPAR?
[Re: not_a_charger]
#3139232
04/19/23 10:57 AM
04/19/23 10:57 AM
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Joined: Feb 2014
Posts: 1,703
central il.
second 70
top fuel
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top fuel
Joined: Feb 2014
Posts: 1,703
central il.
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I've had a couple of different insurers on the toys, but switched to Hagerty some years back.
Ran a shop a few years ago where we repaired/restored classic vehicles, and Hagerty was great to deal with.
They're also invested in the hobby.
Switched a few of my later-model limited-use vehicles over to them, too.
Rather than look for the cheapest rate, look for best service and best fit for your vehicle(s) and how you use them.
All will require proper garaging & non-daily-driver use. Interesting. I use my regular insurer for my 69 B'cuda(AmFam) and it's very reasonable because it wears a collector plate and is limited use. They also carry my '18 Mustang GT convert and they are VERY happy to charge me for that one even though it is limited use. There is only 2 of us in the house and we have daily drivers insured with them also so both of those cars are "pleasure vehicles" but because that Mustang can't wear a collector plate and is considered a performance sports car....they charge me for it. I didn't realize Hagerty did late model stuff.....time to go shopping! Thanks! FWIW, AmFam does not offer Agreed Value coverage. I see AmFam calls it stated amount coverage Is that a way to try and under pay you in a loss?
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Re: Insurance for your vintage MOPAR?
[Re: second 70]
#3139251
04/19/23 11:42 AM
04/19/23 11:42 AM
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Joined: Dec 2007
Posts: 19,885
Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,885
Puttin' on the foil in Charles...
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No. It's just a different type of coverage. The consumer chooses who to have for insurance and what coverage they want. Sadly, a lot of consumers are ill informed and think they are buying one thing, but really getting something different.
Stated Amount = you tell the insurance company what you think the car is worth. They insure it for the LESSER of that amount or the Actual Cash Value. This is disclosed in the policy, which most people don't read. This coverage also has no additional exclusions/restrictions like a collector car policy would. It also costs more because the exposure is greater due to the lack of restrictions. This coverage is a good fit if you drive you classic regularly. The best way to utilize this coverage is to pay for a professional appraisal prior to insuring the car so that you can support your Stated Amount should something happen. The vast majority of carriers will offer Stated Amount coverage.
Agreed Value = you and the insurer agree that the car is worth this amount. If it's totaled, you get that amount, period. This coverage typically has lots of exclusions/restrictions and costs less than a Stated Amount policy. Only some carriers provide Agreed Value coverage.
Lots of people use these terms interchangeably. They are not at all interchangeable. There are advantages to both, but if you go with a carrier that offers Stated Amount, you have to do a little bit of work in order to ensure you're properly covered if the vehicle is totaled.
Earning every penny of that moderator paycheck.
DBAP
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Re: Insurance for your vintage MOPAR?
[Re: not_a_charger]
#3139468
04/20/23 10:49 AM
04/20/23 10:49 AM
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Joined: Feb 2014
Posts: 1,703
central il.
second 70
top fuel
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top fuel
Joined: Feb 2014
Posts: 1,703
central il.
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No. It's just a different type of coverage. The consumer chooses who to have for insurance and what coverage they want. Sadly, a lot of consumers are ill informed and think they are buying one thing, but really getting something different.
Stated Amount = you tell the insurance company what you think the car is worth. They insure it for the LESSER of that amount or the Actual Cash Value. This is disclosed in the policy, which most people don't read. This coverage also has no additional exclusions/restrictions like a collector car policy would. It also costs more because the exposure is greater due to the lack of restrictions. This coverage is a good fit if you drive you classic regularly. The best way to utilize this coverage is to pay for a professional appraisal prior to insuring the car so that you can support your Stated Amount should something happen. The vast majority of carriers will offer Stated Amount coverage.
Agreed Value = you and the insurer agree that the car is worth this amount. If it's totaled, you get that amount, period. This coverage typically has lots of exclusions/restrictions and costs less than a Stated Amount policy. Only some carriers provide Agreed Value coverage.
Lots of people use these terms interchangeably. They are not at all interchangeable. There are advantages to both, but if you go with a carrier that offers Stated Amount, you have to do a little bit of work in order to ensure you're properly covered if the vehicle is totaled. AmFm made me get an appraisal before issuing my policy. The stated amount is $94,500, 100,000/300,000, 1,000 deductible. Premium $255.30 a year no restrictions. Multi car and house discounts included.
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Re: Insurance for your vintage MOPAR?
[Re: not_a_charger]
#3139486
04/20/23 11:55 AM
04/20/23 11:55 AM
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Joined: Jan 2003
Posts: 8,028
The Grand State of Confusion-O...
SKR8PN
OP
master
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OP
master
Joined: Jan 2003
Posts: 8,028
The Grand State of Confusion-O...
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No. It's just a different type of coverage. The consumer chooses who to have for insurance and what coverage they want. Sadly, a lot of consumers are ill informed and think they are buying one thing, but really getting something different.
Stated Amount = you tell the insurance company what you think the car is worth. They insure it for the LESSER of that amount or the Actual Cash Value. This is disclosed in the policy, which most people don't read. This coverage also has no additional exclusions/restrictions like a collector car policy would. It also costs more because the exposure is greater due to the lack of restrictions. This coverage is a good fit if you drive you classic regularly. The best way to utilize this coverage is to pay for a professional appraisal prior to insuring the car so that you can support your Stated Amount should something happen. The vast majority of carriers will offer Stated Amount coverage.
Agreed Value = you and the insurer agree that the car is worth this amount. If it's totaled, you get that amount, period. This coverage typically has lots of exclusions/restrictions and costs less than a Stated Amount policy. Only some carriers provide Agreed Value coverage.
Lots of people use these terms interchangeably. They are not at all interchangeable. There are advantages to both, but if you go with a carrier that offers Stated Amount, you have to do a little bit of work in order to ensure you're properly covered if the vehicle is totaled. Thanks for explaining the difference in the two policies.
Karma has no menu. You get served what you deserve.
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Re: Insurance for your vintage MOPAR?
[Re: second 70]
#3139490
04/20/23 11:58 AM
04/20/23 11:58 AM
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Joined: Jan 2003
Posts: 15,338
Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,338
Omaha Ne
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No. It's just a different type of coverage. The consumer chooses who to have for insurance and what coverage they want. Sadly, a lot of consumers are ill informed and think they are buying one thing, but really getting something different.
Stated Amount = you tell the insurance company what you think the car is worth. They insure it for the LESSER of that amount or the Actual Cash Value. This is disclosed in the policy, which most people don't read. This coverage also has no additional exclusions/restrictions like a collector car policy would. It also costs more because the exposure is greater due to the lack of restrictions. This coverage is a good fit if you drive you classic regularly. The best way to utilize this coverage is to pay for a professional appraisal prior to insuring the car so that you can support your Stated Amount should something happen. The vast majority of carriers will offer Stated Amount coverage.
Agreed Value = you and the insurer agree that the car is worth this amount. If it's totaled, you get that amount, period. This coverage typically has lots of exclusions/restrictions and costs less than a Stated Amount policy. Only some carriers provide Agreed Value coverage. Am Fam made me get an appraisal before issuing my policy. The stated amount is $94,500, 100,000/300,000, 1,000 deductible. Premium $255.30 a year no restrictions. Multi car and house discounts included. I would strongly encourage you to check your policy. I was with Am Fam for 28 years. At 25 years my WORKING agent retired and I went through 4 or 5 agents before bailing to an independent. During this frustrating 3 years I became aware that my two CC policies had been changed from AGREED VALUE to STATED VALUE. likely during a renewal period in which i didn't read the 14 pages of BS. I also had business, house, workman's comp and others with them. We had ONE claim in the last 15 years due to a dishwasher leak. At renewal time the house policy jumped by 35%. They also sublet the business policy. During the 28 years the only other claim was for hail damage. I asked them to total up what I had paid them vs what they had paid out over all of the policies during that 28 years. No response. IMO they are not the company they used to be. Again check your policy or you could get shafted  
Last edited by TJP; 04/20/23 11:59 AM.
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Re: Insurance for your vintage MOPAR?
[Re: SKR8PN]
#3139493
04/20/23 12:05 PM
04/20/23 12:05 PM
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Joined: Jan 2003
Posts: 15,338
Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,338
Omaha Ne
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During my 25 years of repairing/ restoring collector vehicles I only worked with 3 companies. State farm in every case was horrible. Hagerty just wrote a check, NO BS Allstate was good but that was MANY years back and I'm not sure on the others
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Re: Insurance for your vintage MOPAR?
[Re: second 70]
#3139504
04/20/23 01:06 PM
04/20/23 01:06 PM
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Joined: Dec 2007
Posts: 19,885
Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,885
Puttin' on the foil in Charles...
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No. It's just a different type of coverage. The consumer chooses who to have for insurance and what coverage they want. Sadly, a lot of consumers are ill informed and think they are buying one thing, but really getting something different.
Stated Amount = you tell the insurance company what you think the car is worth. They insure it for the LESSER of that amount or the Actual Cash Value. This is disclosed in the policy, which most people don't read. This coverage also has no additional exclusions/restrictions like a collector car policy would. It also costs more because the exposure is greater due to the lack of restrictions. This coverage is a good fit if you drive you classic regularly. The best way to utilize this coverage is to pay for a professional appraisal prior to insuring the car so that you can support your Stated Amount should something happen. The vast majority of carriers will offer Stated Amount coverage.
Agreed Value = you and the insurer agree that the car is worth this amount. If it's totaled, you get that amount, period. This coverage typically has lots of exclusions/restrictions and costs less than a Stated Amount policy. Only some carriers provide Agreed Value coverage.
Lots of people use these terms interchangeably. They are not at all interchangeable. There are advantages to both, but if you go with a carrier that offers Stated Amount, you have to do a little bit of work in order to ensure you're properly covered if the vehicle is totaled. AmFm made me get an appraisal before issuing my policy. The stated amount is $94,500, 100,000/300,000, 1,000 deductible. Premium $255.30 a year no restrictions. Multi car and house discounts included. Yours is a great example of doing a Stated Amount policy the right way. The appraisal sets the baseline for the Actual Cash Value. Since you are owed the lesser of ACV and Stated Amount, as long as your appraised value and your Stated Amount match, you're in good shape.
Earning every penny of that moderator paycheck.
DBAP
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Re: Insurance for your vintage MOPAR?
[Re: second 70]
#3139539
04/20/23 03:33 PM
04/20/23 03:33 PM
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Joined: Jan 2003
Posts: 17,861
albany ny
05dakota
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 17,861
albany ny
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yes, stated value is terrible, they can question value at claim time I've had a couple of different insurers on the toys, but switched to Hagerty some years back.
Ran a shop a few years ago where we repaired/restored classic vehicles, and Hagerty was great to deal with.
They're also invested in the hobby.
Switched a few of my later-model limited-use vehicles over to them, too.
Rather than look for the cheapest rate, look for best service and best fit for your vehicle(s) and how you use them.
All will require proper garaging & non-daily-driver use. Interesting. I use my regular insurer for my 69 B'cuda(AmFam) and it's very reasonable because it wears a collector plate and is limited use. They also carry my '18 Mustang GT convert and they are VERY happy to charge me for that one even though it is limited use. There is only 2 of us in the house and we have daily drivers insured with them also so both of those cars are "pleasure vehicles" but because that Mustang can't wear a collector plate and is considered a performance sports car....they charge me for it. I didn't realize Hagerty did late model stuff.....time to go shopping! Thanks! FWIW, AmFam does not offer Agreed Value coverage. I see AmFam calls it stated amount coverage Is that a way to try and under pay you in a loss?
5549 post on old board
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Re: Insurance for your vintage MOPAR?
[Re: roadrunninMark]
#3139770
04/21/23 02:28 PM
04/21/23 02:28 PM
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Joined: Dec 2007
Posts: 19,885
Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,885
Puttin' on the foil in Charles...
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None of them do home insurance as far as I know, but some of the major home/auto insurers partner with companies like Hagerty to bundle your coverage and include your classic car.
Earning every penny of that moderator paycheck.
DBAP
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Re: Insurance for your vintage MOPAR?
[Re: roadrunninMark]
#3139880
04/22/23 01:36 AM
04/22/23 01:36 AM
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Joined: Jan 2003
Posts: 8,395
Highland, MI.
Sunroofcuda
master
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master
Joined: Jan 2003
Posts: 8,395
Highland, MI.
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Do any of the classic cars insurers, like Grundy, also do insurance for home and other autos? Trying to get a discount to bundle all needed insurance…would be nice to only deal with one company. Grundy does not offer homeowners, but YES for all your other vehicles. When I switched to them about 6 years ago, I had 6 vehicles on my policy - two of them were comp only (my Cudas that are not driveable), 3 are everyday drivers, & our Challenger a pleasure driver. My total annual savings was around $3500.00.
No Man With A Good Car Needs To Be Justified
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